STRATEGIC PARTNERS
September 16, 2016
The Reserve Bank of India has declined a request by the nation's banks for an extension of the EMV chip card migration deadline.
RBI has set a deadline of Sept. 30 for financial institutions to issue chip cards for basic savings bank deposit accounts and other government-sponsored card schemes.
This deadline has already been extended from the original target date of August 2015, according to a report by The Business Standard.
For other cardholder accounts, banks are issue chip cards by December 2018. This deadline was previously extended from Jan. 31, 2016.
In response to banks' request for yet another extension, RBI issued this statement:
Keeping in mind the objective to further enhance the security and risk mitigation in card present transactions, and also the impact it may have on achieving the timeline for complete migration of all existing magstripe cards, it has been decided not to grant any further extension beyond the respective timeline ... for new issuances and full migration to EMV chip and PIN cards.
